AUSTIN, Texas, March 10, 2011 /PRNewswire/ -- EZCORP, Inc. (Nasdaq: EZPW), a leading provider of specialty consumer financial services, announced today that it has selected Rev Worldwide to assist it in its initiatives to broaden and enhance the financial services and products it offers. The relationship with Rev becomes an integral part of EZCORP's continuing efforts to diversify its product and services offerings and expand its customer base.
Rev Worldwide develops, operates and markets integrated branded, prepaid debit card and mobile payments programs designed to bring accessible and affordable financial services to consumers worldwide. Founded by Roy and Bertrand Sosa in 2008, Rev has launched or is developing prepaid debit card programs in the U.S., Latin America, Europe and Asia Pacific.
Mark Kuchenrither, EZCORP's Senior Vice President – Strategic Development, stated: "Shifts in the market are making products from traditional financial service providers either less attractive or out of reach entirely for a growing number of consumers worldwide. These shifts are the driving force behind our efforts to broaden the suite of financial products and services we offer to customers. We want to be less centered on the short-term cash needs of the cash and credit constrained customer and more focused on serving a variety of financial needs for a broader range of consumers."
Mr. Kuchenrither continued, "Rev is committed to the economic empowerment of individuals, and their team has a strong track record of pioneering new, innovative financial alternatives for under-served consumers. That fits with our strategy quite nicely."
Rev Worldwide President and Co-Founder Bertrand Sosa stated: "We are delighted to partner with a company that not only recognizes the opportunities presented by changing marketplace dynamics, but is moving fast to capture them. We come from different corners of the marketplace, but our vision for this relationship is very much aligned and consistent with Rev's commitment to innovation, entrepreneurship and our customers' long-term financial success."
Employing Rev's global payments platform, EZCORP and Rev are jointly developing and testing a series of product innovations and expect to introduce new products and services later this year in EZCORP retail outlets across the U.S.
EZCORP is a leading provider of specialty consumer financial services. It provides collateralized non-recourse loans, commonly known as pawn loans, and a variety of short-term consumer loans, including payday loans, installment loans and auto title loans, or fee-based credit services to customers seeking loans. At its pawn stores, the company also sells merchandise, primarily collateral forfeited from its pawn lending operations.
EZCORP operates more than 1,000 stores, including over 500 pawn stores in the U.S. and Mexico and over 500 short-term consumer loan stores in the U.S. and Canada. The company also has significant investments in Albemarle & Bond Holdings PLC (ABM.L), one of the U.K.'s largest pawnbroking businesses with over 130 stores, and Cash Converters International Limited (CCV.L and CCV.AUS), which franchises and operates a worldwide network of over 500 stores that provide financial services and sell pre-owned merchandise.
For additional information, contact EZCORP Investor Relations at (512) 314-2220.
About Rev Worldwide
Dedicated to driving widespread commercial availability of financial services in underserved markets around the world, Rev Worldwide helps partners rapidly and effectively access hard-to-reach markets and enables underserved consumers to make affordable, safe and convenient financial transactions. Rev's full range of integrated mobile and prepaid card solutions – including Rev-branded, co-branded and affinity products – are issued by banks, powered by its multi-language, multi-currency processing platform and delivered by partners and directly to consumers through its growing retail network. Rev is headquartered in Austin, Texas and operates in North America, Latin America, Europe and Asia-Pacific and is a member of the MPOWER Ventures investment portfolio. Learn more at www.revworldwide.com.
Meredith DeSpain Kelsey
Special Note Regarding Forward-Looking Statements
This announcement contains certain forward-looking statements regarding EZCORP's plans and strategy, including EZCORP's expectations for product introductions. These statements are based on EZCORP's current expectations. Actual results in future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including changing market conditions in the overall economy and the industry, consumer demand for EZCORP's products and services and changes in the regulatory environment. For a discussion of these and other factors affecting EZCORP's business and prospects, see EZCORP's annual, quarterly and other reports filed with the Securities and Exchange Commission.
SOURCE EZCORP, Inc.